Naira declines, external reserves dip despite FX reforms.
Nigeria’s FX reforms under President Tinubu haven’t met expectations, with the naira weakening 65% against the US dollar in a year. Critics, including former President Obasanjo, blame poor implementation of subsidy removal and FX unification. The naira fell to N1,339 per dollar at the official market and N1,500 at the black market. Despite CBN efforts to stabilize the currency, inflation remains high and external reserves dropped by 7.21% to $32.763 billion. Factors include high foreign currency demand, weak investment inflows, and oil theft. Economist Charlie Robertson suggests Nigeria’s solo approach without IMF support has made the adjustment tougher but believes current policies will eventually improve the situation.
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